Pratap Nair
University of Phoenix
June 3, 2012
Week Three Problem set
Comprehensive problems 67 Chapter 5
Kens 2009 gross income
inwardness $
Winnings from gambling1,200
Gain on sale of storage1,000(1000 * $32) (1000 *$31)
Annuity received14,50025,000 (210,000 /5)
Social Security benefits received11,05085% of benefits is added as income if modified AGI + half of benefits exceed $34,000
Foreign gain income0Excluded upto $45,324 ( $91,400 * 181/365)
Scholarship received200Income to extent non used for books,tution,fees, supplies, and other equipment
Amount received from Mike, Kens son0Income taxed to person who earned, Mike under engagement of income doctrine
Refund of state income taxes50$610 excess implications reduced the rateable income by $ 50 (itemized deduction $ 5500 standard deduction $ 5450)
provoke from corporate bonds and money market30,000
Gross Income58,000
Comprehensive problems 66 Chapter 6
Johnsons AGI calculation
Gross Income255,000
a.Business write off103,000Jeremys bloodline expense ( 40000 + 45000 + 18000)
b.Alyssa employee travel expense0Unreimbursed employee business expense are deductions from AGI
c.Property tax and investment exp0 atomic number 18 deductions from AGI
d.
Rental expense8,500
e.Moving expense2,012Johnsons recommendation the two tests to claim moving exp deduction
(2000 + (50 *.24))
f.Self employed health insurance4,500
g.Self employment taxes1,250Half of self-employment taxes paid allowed
h. character to 401(k)4,000
i.Alimony5,000
j.Education expense3,100Qualifying expense limited AGI $127,262 which is less than $130000 limit for married filing jointly, and deduction allowed is echt paid upto $ 4000
k.Charitable contribution0Is a deduction from AGI
AGI123,638
Comprehensive problems 81 Chapter 8
Answer:
a.No income. The contract provides that whatsis sale is dependent on the sample testing, so Joe...If you indispensability to get a full essay, order it on our website: Orderessay
If you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment